Cuomo and legislative leaders say they have a deal to restructure state income tax

Thumbnail image for NYS Capitol from ESPAndrew Cuomo and legislative leaders announced today that they've reached a deal to restructure the state's income tax.

The Cuomo admin is touting the restructuring as an attempt to "restore fairness to the tax system." Basically, it makes the tax structure more progressive -- that is, the more a person makes, the higher their rate. The admin says 4.4 million New Yorkers will get a tax cut under the new structure.

So, if you're under $300,000 (and more than $40k), you would get a tax cut under this arrangement. Above $300k, your taxes are going up (compared to the rate from a few years back). [NY Post]

As usual, it's little (or a lot) more complicated than that. The bracket breakdown in the press release doesn't really tell the whole story because it doesn't include the temporary personal income surcharge ("millionaire's tax") that's currently in effect -- the TU's Jimmy Vielkind has put together a spreadsheet that makes it a bit more clear.

The Cuomo admin says the new structure generates $1.9 billion in additional revenue for the state -- though that's about $2 billion less than what was generated by the "millionaire's tax", which expires at the end of this month. [NYT] [TU CapCon]

The deal announced today also includes funding for infrastructure projects, support for a constitutional amendment to allow full casino gaming, grants for flood recovery, a few other initiatives.

If you're thinking to yourself: "Wait, did I miss the part where this was all discussed and debated publicly?" The answer is: no, of course not. This is New York.

Comments

Everyone and their mother has been pontificating about the millionaire's tax for at least the past three years. So I don't see it as true that this was not "discussed and debated publicly."

Yes, Bob, execpt in the Capitol. There was no recorded, public discussion in either chamber of Legislature.

Blog discussions don't exactly count as our representatives publicly debating policy.

Overall, the cuts to the lower/middle classes are miniscule as is the hike to the upper class. What a joke...

I'd say that this is an improvement. At a time of rapidly growing wealth disparity, the proposed tax code is more progressive than what we would have otherwise got. So that's progress. Incremental progress, but progress. Am I missing something? (Really, I want to know).

Say Something!

We'd really like you to take part in the conversation here at All Over Albany. But we do have a few rules here. Don't worry, they're easy. The first: be kind. The second: treat everyone else with the same respect you'd like to see in return. Cool? Great, post away. Comments are moderated so it might take a little while for your comment to show up. Thanks for being patient.

The Scoop

Ever wish you had a smart, savvy friend with the inside line on what's happening around the Capital Region? You know, the kind of stuff that makes your life just a little bit better? Yeah, we do, too. That's why we created All Over Albany. Find out more.

Recently on All Over Albany

A quick recap of the week

Here are a few highlights from the past (short) week on AOA: + Anonymous asked about finding a contractor to build a patio. + We... (more)

Today's moment of bird

We spotted this bird chilling along a residential street in uptown Albany this week. At first it was on lawn, and then flew into a... (more)

Speed bumps for Washington Park?

Alison emails with a question that's not exactly an Ask AOA question so much as an idea: Should there be speed bumps in Washington Park?... (more)

"First of all, nobody eats lunch anymore..."

NY Mag's Chris Smith talks with an unnamed lobbyist who works here in Albany about the lobbying life -- the seemingly endless lineup of fundraisers... (more)

UAlbany's Lyle Thompson wins college lacrosse's top trophy. Again.

UAlbany lacrosse star Lyle Thompson won the Tewaaraton Trophy Thursday night for the second year in a row. (The trophy is like the Heisman for... (more)

Recent Comments

... I think for me and many in the community, there is a desire to go back to this point in time, were neighborhoods were rounder, more complete and effervescent, and not so square that they can't take any unique pegs coming its way. There is a lot of energy in this neighborhood, and potential, not unlike other industrial zones in other cities, that have scene remarkable change towards diverse economies. Some do it well, others not so much, so I think it will be important to take those lessons learned from our peers to make sure it is done right. ...

Today's moment of bird

...has 1 comment, most recently from Nancy

Speed bumps for Washington Park?

...has 10 comments, most recently from Jim M.

Stuff to do this weekend

...has 3 comments, most recently from Jessica R W

UAlbany's Lyle Thompson wins college lacrosse's top trophy. Again.

...has 1 comment, most recently from Amelia

The Capital Region's theater district

...has 5 comments, most recently from Mary